Which of the following indices is used to measure income inequality? MCQ with Answer and Explanation

Question
Which of the following indices is used to measure income inequality?
A. Gini Coefficient
B. Gender Development Index
C. Physical Quality of Life Index
D. Human Development Index
Answer: Option A
Solution (By JKSSB Mock Tests)
The Gini Coefficient measures the extent of income or wealth inequality in a population. A value of 0 represents perfect equality and 1 represents perfect inequality.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
The 'Goods and Services Tax' does not apply to:
A. imports
B. interstate supplies
C. goods and services
D. alcoholic liquor for human consumption
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Correct Answer: Option D

Explanation:
Alcoholic liquor for human consumption is outside GST.
This question belongs to: Economy GK Economy Set 1
Question #2
The term 'core inflation' was coined because it excludes items with:
A. high tax rates
B. high import content
C. high price volatility such as food and fuel
D. high weight in CPI
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Correct Answer: Option C

Explanation:
Core inflation excludes volatile food and fuel prices to reveal underlying inflation.
This question belongs to: Economy GK Economy Set 1
Question #3
In the context of growth theory, the 'AK Model' is an example of:
A. A neoclassical model with diminishing returns
B. An endogenous growth model without diminishing returns to capital
C. A model with exogenous technological progress only
D. A model without capital accumulation
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Correct Answer: Option B

Explanation:
The AK model assumes a production function linear in capital (Y = AK), thereby eliminating diminishing returns and generating endogenous long-run growth driven by capital accumulation.
This question belongs to: Economy GK Economy Set 1
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